Create an account at Binance.com
To start go to the official Binance website. Here we want to create an account therefor you need to go to the right top corner and click “Register”. Here you need to fill in the information to create your account. To make an account at Binance you only need a e-mail and password.
If you like this website and you would like to support me you can consider adding my referral ID at the bottom. This means that from the Binance fees a small percentage will go to me. For you there is no difference in costs. My referral code is : 35570784.
After filling your e-mail and password click the checkbox and continue to “Register”.
After the register form you need to verify your e-mail. To complete the registration please look for the Binance e-mail in your inbox. If you didn’t received the e-mail then please check in your spam folder.
If you received the e-mail open it and click the verification link.
Now your account is activated.
Now you can login and start trading.
When you login always make sure you are at the official Binance website by checking the URL in your browser. Now you can fill in your e-mail and password, compete the captcha and there we go, you are logged in to your account.
2FA verification on Binance
Binance will ask you to setup the 2FA verification.
When trading cryptocurrency security is very important so it is good to have a extra verification process. Normally you can login with only your e-mail and password but with the 2FA verification you also need a third party and that is Google Authenticator.
Google Authenticator is a save way to secure your accounts. When you add Google Authenticator to your account you will need to fill in a code every time you log in into your account. The code you will get from the mobile application of Google.
Therefor click here on “Google Authenticator”.
First you need to download Google Authenticator from the Appstore or the Play store.
After you download the app you need to scan the QR code on the screen.
Make a copy of the 2FA back up key. The only way to gain direct access to your account if you lost access to google authenticator is through this back up key.
You could get a “Binding error”. This means the time in the google application and on your phone aren’t the same. To solve this issue you simply need to sync your mobile clock with the google app. Therefor go settings -> Options -> sync time. This should solve the binding error.
Now enter your login details again and use the google authenticator code. The code is changing every 30 seconds.
The 2FA verification is enabled. You account is now level 1 unverified and you are able to withdraw up to 2 Bitcoins per day.
Adding funds on Binance
go to the right top of the page and under “Funds” in the menu you can find the “Deposit” button.
Here you can find all the coins listed on Binance. If you want to buy coins with other payment options such as credit card or bank transfer the best way to do this is to first buy Bitcoin on Coinbase. Send your Bitcoins from Coinbase to Binance and on Binance you can trade it for other coins. On Binance it is not possible to send fund through your bank account.
When you click on the coin you want to deposit Binance is showing you the deposit address. You can either send the fund to the deposit address or use the QR-code to send your funds.
For example, I will deposit some Litecoin to my account.
Once the Litecoin is received by Binance I will get a confirmation by e-mail. In the “Funds” -> “History” you can see the transactions you have done.
To start trading your coins click on the “Binance” logo in the top left corner. Here you can see all the market active on Binance. Binance has 4 markets :
- The BNB Market (Binance token market)
- The Bitcoin market
- The Ethereum Market
- The USDTether market
We want to trade our Litecoin for Bitcoin therefor we need to go to the LTC/BTC market.
On the LTC/BTC page we can start trading. Here you can see the candle stick charts and other information we need such as the price buy orders and sell orders.
In the LTC/BTC market we need to “sell” our Litecoin for Bitcoin to trade. On the bottom you have the “Sell” option. And it is standard on “Limit”. So we are placing a Limit-sell order.
Next to the wallet icon on the top you can see the amount of Litecoins you have in your wallet. Then there are following 3 sections :
Price : Here you fill in at which price you want to sell your Litecoin (price in Bitcoins)
Amount : Here you fill in the amount you want to sell
Total : Is the total amount you will get from your sell order
Then press the “Sell Litecoin” button and your order is placed. The order will appear in the open orders section on the bottom of the page. When the order is filled it will go into your order history.
To go to the advanced dashboard of the Binance trading platform go to the top of the page, hover your mouse over “exchange” and click “advanced”.
Stop limit orders
Let’s say we want to sell our Bitcoins for USDTethers but only when a certain price is met. Then we could use the stop-limit order.
A stop-limit order is a order that will be executed at a specified price.
Under the stop price we enter the price at which we want our limit order to appear in the order book. When it reaches this price the system will place your order .
Under the limit price we enter the price at which we actually want to sell our Bitcoin. This is the price for which you would place the sell order.
For the amount we enter how many bitcoins we want to sell.
The stop-limit order is there to avoid losses on trading. It is the same as a stop-loss order only Binance calls it a stop-limit order. This is sometimes different between exchanges.
Binance is a exchange with a really good name. It is also the exchange which is offering the most cryptocurrencies to trade. If you want to trade cryptocurrencies I would definitely recommend to create a account at Binance.
If you like to see trading analysis on Bitcoin check out our trading videos.